SolarWorld AG (FRA:SWV) plans to offer €250 million cash and €750 million in bank credit lines contingent upon a German Federal government loan guarantee. Before submission, the offer will also require:

the complete separation of Opel from the GM Group

a compensation payment of 40,000 EUR per German job (totaling 1 billion EUR)

SolarWorld said it “would subsequently develop Opel into the first ‘green’ European automotive group” and:

After the restructuring of the product range the tradition-fraught German car maker would especially offer electric drive and hybrid drive vehicles in the future as well as models equipped with the latest technology like extended-range electric drive vehicles that combine electric motors and combustion engines in a highly efficient manner.

The group has already been working for some years on the development and testing of electric drive vehicles that are propelled by solar energy and that even participate successfully in motor racing.

SolarWorld Chairman and CEO Frank H. Asbeck said:

Sustainability is a comprehensive concept. The challenges of climate protection and of the market can only be met if we move on from automotive to solar-motive concepts.

“The offer is meant seriously. My intention is to set the sales process for Opel in motion.”

“I can not say with whom I am meeting in Berlin. The idea for a takeover of Opel did not hit us this morning at 9 o’clock; we have had this idea for a number of weeks.” The integration plans of founder (Asbeck) for the auto maker remain clouded. “About that we will not comment.”

With this bid, SolarWorld is redefining itself as a green sustainability company instead of simply a leading solar photovoltaic firm. SolarWorld has strong political connections in Berlin, so I would not discount the possibility of German political support for this bid.